Carla Corporation is a publicly traded company and follows IFRS. On December 31, 2019, Carla's financial...
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Carla Corporation is a publicly traded company and follows IFRS. On December 31, 2019, Carla's financial records indicated the following information related to the company's defined benefit pension plan: Defined Benefit Obligation $1,350,000 Pension Plan Assets 1,490,000 Carla Corporation's actuary provided the following information on December 31, 2020: Current year service cost $87,000 Prior service cost, granted Jan 1, 2020 186,000 Employer contributions for the year 90,000 Benefits paid to retirees 31,000 Expected return on assets 5% Actual return on assets 6% Discount rate 5% Prepare a pension worksheet for Carla Corporation for 2020. Remeasurement Annual Pension Gain/Loss (OCI) Expense Balance, January 1, 2020 Current Service Cost Past Service Cost Net Interest/Finance Cost Asset Remeasurement Gain/Loss Employee/er Contributions to Pension Fund Benefits Paid to Retirees from Pension Fund Pension Expense Entry - 2020 Net Funding Entry > > > > > > > > General Journal Entries Annual Pension Net Defined Liability/ Expense Cash Asset > > > > > > > > > > > > > > > > > > > > > > Memo Record Net Defined Liability/ Defined Benefit Asset Obligation Plan Assets > > > > > > > > > > Net Funding Entry Balance, December 31, 2020 Prepare pension plan journal entries for Carla Corporation for 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (To record pension expense) (To record payment to the pension fund) What is the funded status for Carla Corporation at December 31, 2020? Carla pension plan is v by $ on December 31, 2020. Carla Corporation is a publicly traded company and follows IFRS. On December 31, 2019, Carla's financial records indicated the following information related to the company's defined benefit pension plan: Defined Benefit Obligation $1,350,000 Pension Plan Assets 1,490,000 Carla Corporation's actuary provided the following information on December 31, 2020: Current year service cost $87,000 Prior service cost, granted Jan 1, 2020 186,000 Employer contributions for the year 90,000 Benefits paid to retirees 31,000 Expected return on assets 5% Actual return on assets 6% Discount rate 5% Prepare a pension worksheet for Carla Corporation for 2020. Remeasurement Annual Pension Gain/Loss (OCI) Expense Balance, January 1, 2020 Current Service Cost Past Service Cost Net Interest/Finance Cost Asset Remeasurement Gain/Loss Employee/er Contributions to Pension Fund Benefits Paid to Retirees from Pension Fund Pension Expense Entry - 2020 Net Funding Entry > > > > > > > > General Journal Entries Annual Pension Net Defined Liability/ Expense Cash Asset > > > > > > > > > > > > > > > > > > > > > > Memo Record Net Defined Liability/ Defined Benefit Asset Obligation Plan Assets > > > > > > > > > > Net Funding Entry Balance, December 31, 2020 Prepare pension plan journal entries for Carla Corporation for 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (To record pension expense) (To record payment to the pension fund) What is the funded status for Carla Corporation at December 31, 2020? Carla pension plan is v by $ on December 31, 2020.
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pension worksheet General Journal entry Memo record Particulars Annual pension expenses Cash Net def... View the full answer
Related Book For
Financial Reporting and Analysis
ISBN: 978-1259722653
7th edition
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
Posted Date:
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